The 2017-18 Federal Budget indicates that the government is in a state of readiness for an earlier than expected Federal Election.

The pre-Budget announcement of needs-based school funding – together with big bets on infrastructure, the removal of the Medicare rebate freeze, a crackdown on non-residents investing in Australian real estate and a one year reprieve for the popular small business $20,000 instant asset write-off – will have broad appeal to voters.

In terms of the economic outlook, the Treasurer remains optimistic that Australia will continue its slow recovery, returning to surplus by 2020-21. This rosy outlook is based on assumed real GDP growth of 3% per annum.

Overall we are pleased with the superannuation measures announced, which demonstrate the need for a comprehensive review of the financial arrangements impacting on retirement - particularly superannuation, taxation, aged care and social security - to ensure that the whole system is fair, sustainable and fit for the long-term.

We call on the government to:

Deliver consistent, ethical leadership and long-term decision making to secure Australia’s prosperity, not only for the next three years but for the next thirty years.

Act now on building a sustainable tax base for our nation’s long term future, and a sustainable retirement incomes system that allows Australians to invest and plan for their future with confidence and certainty.

Improve budgetary analysis and decision making by considering the fiscal implications of key policy decisions over a ten year period, and establishing a body, independent of Treasury, to assess the impact of policy measures over a decade.

Highlights from our coverage of this year’s Federal Budget include commentary, policy analysis, media and downloadable resources following the budget announcement on 9 May.

Budget 2017-18 documents

Access the Budget 2017-18 documents from the Federal Government website